{"id":12533,"date":"2018-01-12T09:15:51","date_gmt":"2018-01-12T09:15:51","guid":{"rendered":"https:\/\/www.getsmarter.com\/blog\/?p=12533"},"modified":"2023-08-02T10:58:47","modified_gmt":"2023-08-02T08:58:47","slug":"the-number-one-reason-good-companies-go-bad","status":"publish","type":"post","link":"https:\/\/www.getsmarter.com\/blog\/the-number-one-reason-good-companies-go-bad\/","title":{"rendered":"The Number One Reason Good Companies Go Bad"},"content":{"rendered":"\n

Only 60 of the original 1955 Fortune 500 companies remain on the list today.1<\/sup><\/a><\/p>\n\n\n\n

On this list was one of history\u2019s most infamous companies, Kodak, who at its most successful point captured 90% of the film market in the United States.2<\/sup><\/a> Kodak went from booming to bankrupt. The reason? A total lack of change management<\/a>.<\/p>\n\n\n\n

It is believed Kodak failed dismally due to their boycotting of the digital industry. But what many don\u2019t know is Kodak was the first company to invent a digital camera back in 1975.3<\/sup><\/a> Kodak\u2019s problems fell more within the inner workings of the organisation. Instead of embracing the new marketplace, Kodak held back due to a fear of change<\/strong>. Sony and Canon came sweeping in with their digital photography, and the rest is history.4<\/sup><\/a><\/p>\n\n\n

\n \n \n \n \"infostat_\n <\/picture>\n <\/div>\n\n\n
The future of change management: accessibility, simplification and customised tools<\/strong><\/h5>\n\n\n\n

Change management is the discipline that guides how individuals are prepared, equipped and supported to successfully adopt change to drive organisational success and outcomes. One of the greatest reasons big corporates fail to create effective change is due not to stagnancy, but rather the inability to act appropriately. Managers will often have one of the following two responses instead of actively and collectively pursuing change:<\/p>\n\n\n\n

    \n
  1. Privately think, explore and debate the need for change for a long period and then launch into the initiative, forgetting others haven\u2019t been a part of the discussions from the get-go.<\/li>\n\n\n\n
  2. Boycott or become resistant to the project altogether due to lack of knowledge about change management.<\/li>\n<\/ol>\n\n\n\n

    Although the discipline of change management has been around since pre-1990s, a top trend expected for 2018 is the formalisation and maturation of change management, with the inclusion of online communication tools, computer-based training, and gamification of learning.5<\/sup><\/a> However, without all stakeholders on board, your change management strategy will fail; in fact, 70% of change management initiatives do.6<\/sup><\/a> The success of your change management approach depends on persuading every individual in the company it\u2019s time to change the way they work.<\/p>\n\n\n\n

    How to effectively implement change management within your company<\/strong><\/h5>\n\n\n\n

    1) Create a change climate<\/strong><\/p>\n\n\n\n

    It\u2019s been predicted companies will recognise change management as a \u201ckey organisational differentiator\u201d by the year 2018 as they begin to feel the pressure to become more resilient and take a proactive stance towards customer and market trends.7<\/sup><\/a> The movement towards accepting that change is a necessary component of any business will ensure a climate for change is created before attempting to implement any change strategy. Employees will be prepared and constant change will not cause disruption, but rather form a part of everyday life in the workplace.<\/p>\n\n\n\n

    Follow these steps to create a case for change within your organisation:8<\/sup><\/a><\/p>\n\n\n\n